Build payment layer on top of Yearn financial suite, removing steps required to off-ramp stored value.
Motivation
Yearn yield optimization is going to revolutionize storage of value, given the nature of obtaining yield with digital assets. The future of this value storage will inevitably move towards a product like Yearn, as opposed to a traditional bank. There are too many steps all Users, from highly technical to normies, to move value out of a Vault, over to an off-ramp product, then back to the bank for spending. I would love to have an Yearn Payments account that would automatically spend out of a Vault or Earn allocation.
Specification
I’m not quite smart enough to specify how this would be done, other than to “acquire” a Team that has been working on this already.
I think that an automated withdrawal service on yearn to “harvest” one’s own yield from one or more vaults is a great idea. I’m not sure this extends to a payment service as we already have services like Monolith. I would urge towards a partnership with one or more of these services.
Perhaps a means of automating a regular withdrawal would include the ability to send those funds to another designated wallet.
Yeah, I would say integrating with someone like Monolith would be our best bet. I believe they’re already integrated with Compound, and Yearn’s vaults could provide additional yield to users in these accounts.
Basically, Compound could act as someone’s checking account, Yearn is the savings account—and I’m thinking of this from a gas-optimization standpoint.